Gold Prices Rise as US Dollar Weakens and Bond Yields Ease
Gold and silver prices rose on the Multi Commodity Exchange (MCX) for a second consecutive session, driven by the weakening US dollar and easing bond yields.
The MCX silver futures for September 2026 delivery surged Rs 2,460 to Rs 2,38,726 per kg, while gold futures for October 2026 delivery gained Rs 1,600 to Rs 1,53,995 per 10 grams. Over the past two days, silver has increased by over Rs 3,000 and gold is up by Rs 2,300 per 10 grams.
The upcoming US nonfarm payrolls data on Friday will influence expectations for the Federal Reserve's next policy decision, with markets currently pricing in a 62% probability of a rate hike this month. Gold is traditionally viewed as a hedge against inflation, but higher interest rates increase its opportunity cost.